Nickel declines by 0.2% on weak global cues
Speculators trimmed their positions, tracking a weak trend overseas
 "Nickel declines by 0.2% on weak global cues")
Tracking a weak trend overseas, nickel prices fell 0.22% to Rs 595.70 per kg in futures market today as speculators trimmed their positions.
At Multi Commodity Exchange, nickel for delivery in November declined by Rs 1.30, or 0.22%, to Rs 595.70 per kg in a business turnover of 1,185 lots.
Likewise, the metal for delivery in December contracts eased Rs 1.10, or 0.18%, to Rs 602.30 per kg in 152 lots.
Analysts said the fall in nickel prices in futures trade is mostly attributed to a weak global trend where it dropped to the lowest level in more than a decade amid slowing stainless-steel production in China as Asia's largest economy faces the weakest growth in a generation.
Meanwhile, nickel declined 1.4% to $8,980 a metric tonne, the lowest since August 2003 on the London Metal Exchange.
Furthermore, subdued demand from alloy-makers at the domestic spot market fuelled the downtrend, they said.
At Multi Commodity Exchange, nickel for delivery in November declined by Rs 1.30, or 0.22%, to Rs 595.70 per kg in a business turnover of 1,185 lots.
Likewise, the metal for delivery in December contracts eased Rs 1.10, or 0.18%, to Rs 602.30 per kg in 152 lots.
Analysts said the fall in nickel prices in futures trade is mostly attributed to a weak global trend where it dropped to the lowest level in more than a decade amid slowing stainless-steel production in China as Asia's largest economy faces the weakest growth in a generation.
Meanwhile, nickel declined 1.4% to $8,980 a metric tonne, the lowest since August 2003 on the London Metal Exchange.
Furthermore, subdued demand from alloy-makers at the domestic spot market fuelled the downtrend, they said.
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First Published: Nov 19 2015 | 10:57 AM IST